Markets & Finance

Cheap Tickets Soars on Cendant Buyout News


Cheap Tickets (CTIX) agreed to be acquired by Cendant Corp. (CD) for $16.50 cash per share.

According to press reports, Ford Motor (F) agreed to settle some lawsuits tied to defective ignition systems. UBS Warburg downgraded the shares on concerns Ford may be headed for a dividend cut and a credit rating downgrade.

Goldman Sachs added Broadcom (BRCM), Conexant Systems (CNXT) Microtune (TUNE) and Qualcomm (QCOM) to its recommended list.

CNF Inc.'s (CNF) Emery Worldwide Airlines unit suspended its air carrier operations as part of its agreement with the FAA.

Valspar (VAL) posted $0.51 vs. $0.59 3Q EPS as more shares offset 42% sales rise and thinks Q4 EPS will be better than Q3.

TTI Team Telecom (TTIL) posted $0.28 vs. $0.19 Q2 EPS on a 43% revenue rise, and sees ongoing growth in the second half of 2001 and 2002.

UBS Warburg upgraded Xerox Corp. (XRX) to buy from hold.

Donaldson Co. (DCI) sees better than expected $269.7M Q4 revenues. S&P upgraded to accumulate from hold. Robert Baird plans to raise fiscal 2001 and fiscal 2002 EPS estimates.

ABN Amro downgraded E.Piphany (EPNY) to hold from add on macroeconomic weakness.

SG Cowen maintains strong buy on Mediacom Communications (MCCC). First Union reiterates strong buy.

Peabody Energy (BTU) sees 5%-10% calendar 2001 EBITDA growth,

and 40%-50% calendar 2002 growth, citing higher prices on

Appalachian and Powder River Basin sales and increased sales

volumes.

Talks between Western Resource (WR) and Public Service Co. of New Mexico, to modify a transaction agreement, have discontinued.

JP Morgan cut estimates on Charles Schwab (SCH).

S&P downgraded AOL Time Warner (AOL) to accumulate from buy and believes the company may have trouble reaching its Q3 revenue estimate.

Schering-Plough (SGP) and Roche (SGP) are in a cross-licensing deal that settles all patent disputes relative to both companies peginterferon products.

According to a press report, AT&T (T) executives held meetings with Microsoft and Disney in efforts to court potential suitors and partners for its cable-TV business. Executives are trying to start a bidding war for AT&T Broadband three weeks after Comcast's.

As result of customer bankruptcy filings in early August, Alcoa Inc. (AA) says its Q2 earnings have been revised to $421M from $429M before special charges.

Hologic Inc. (HOLX) posted a $0.39 Q3 loss vs. a $0.17 loss as higher costs offset a sharp revenue rise. The firm set a restructuring plan including a 10% cut in its workforce, and will take related Q4 charge of $1.3M.

Goldman reportedly added Intel Corp. (INTC) to its recommended list, and upgraded other chips.

IGEN International (IGEN) trading was halted on Friday, and the company says a federal court granted more breach-of-contract judgments in favor of IGEN against Roche Diagnostics. The judgments in IGEN's favor could lead to awards of monetary damages to IGEN.

APA Optics (APAT) received notice from a customer canceling a $500,000 order for the company's 16 channel, 50 Gigahertz (GHz) spacing dense wavelength division multiplexer/demultiplexer (DWDM) components.

WGL Holdings (WGL) restated $1.44 Q2 EPS to $1.33, and its $0.12 Q3 loss to a $0.14 loss, citing an accounting error on the cost of gas. WGL reduced fiscal 2001 EPS to $1.88-$1.98 from $2.00-$2.10, but reaffirms $1.85-$1.95 fiscal 2002 guidance.

Donaldson Co. (DCI) sees better than expected $269.7M Q4

revenues.

Cerus Corp. (CERS) filed a shelf registration statement for

sale of up to $300M of stock and debt securities.

RF Micro Devices (RFMD) adopted a shareholders' rights plan.


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